Note 15 - Subsequent Events

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

15.

Subsequent Events

2020

Offering

On

July 6, 2020,

Gevo completed a public offering (the “Offering”) of (i)

20,896,666

Series

1

units (the “Series

1

Units”) at a price of

$0.60

per Series

1

Unit, and (ii)

9,103,334

Series

2

units (the “Series

2

Units”) at a price of

$0.59

per Series

2

Unit. The Offering was made under a registration statement on Form S-

1

filed with the Securities and Exchange Commission, declared effective on

June 30, 2020.

Each Series

1

Unit consists of

one

share of the Company's common stock and

one

Series

2020

-A warrant to purchase

one

share of the Company's commons stock (each, a “Series

2020

-A Warrant”). Each Series

2

Unit consists of a pre-funded Series

2020

-B warrant to purchase

one

share of the Company's common stock (each, a “Series

2020

-B Warrant” and, together with the Series

2020

-A Warrants, the “Warrants”) and

one

Series

2020

-A Warrant. The Series

2020

-A Warrants are exercisable beginning on the date of original issuance and will expire

five

years from the date of issuance, at an exercise price of

$0.60

per share. The pre-funded Series

2020

-B Warrants are exercisable beginning on the date of issuance at a nominal exercise price of

$0.01

per share of common stock any time until the Series

2020

-B Warrants are exercised in full. In connection with the Offering, the Company issued Series

2020

-A Warrants to purchase an aggregate of

30,000,000

shares of common stock.

The net proceeds to the Company from the Offering were approximately

$16.2

million, after deducting placement agent fees and other estimated offering expenses payable by the Company, and

not

including any future proceeds from the exercise of the Warrants. The Company intends to use the net proceeds from the Offering to fund working capital and for other general corporate purposes.

Conversion of

2020/21

 Notes

On

July 10, 2020,

certain holders of the

2020/21

Notes converted

$2.0

million in aggregate principal amount of

2020/21

Notes (including the conversion of an additional 

$0.3

million for make-whole payment) into an aggregate of 

4,169,428

shares of common stock pursuant to the terms of the

2020/21

Indenture. There was

$12.5

 million principal outstanding for the

2020/21

Notes upon completion of the conversion of the

2020/21

Notes.